- The UK is projected to lose a record 16,500 Millionaires in the next 12 months, contributing to an estimated 142,000 global millionaire relocations this year.
- This significant outflow is primarily driven by a decade of poor economic performance and recent tax reforms, including the abolition of non-dom status and new taxes on wealthy foreign residents.
- The UK's millionaire exodus is double that of China and ten times that of Russia, marking the first time a European country leads global millionaire outflows in a decade.
- Wealthy individuals are seeking more favourable tax regimes, greater opportunity, and stability in destinations such as the UAE, Monaco, Malta, Switzerland, and Italy.
- Experts highlight significant long-term implications for the UK's economic competitiveness, noting it is the only nation among the world's 10 wealthiest countries to experience negative millionaire growth since 2014.
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